FUND ACCOUNTING

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FUND ACCOUNTING
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FUND ACCOUNTING

• Funds and Fund Types
• Chart of Accounts
• BREAK
• Accounting Ledgers
• Reporting
• Getting Help
• More Practice

845am
1000am
1130am
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Fund Accounting

• Standards set by GASB
• Method of classifying resources
• Used to record financial information
• Provide reports to interested parties

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Funds and Fund Types

• FUND
• Represents source of revenue
• Separate accounting entity
• Conditions/limitations on use of resources
• Self-balancing set of accounts
• Shows ownership of cash/fund balance

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Funds and Fund Types

• FUND TYPES - UNRESTRICTED
• Basic distinction in use of resources
• Available for use in current operations
• Subject to state/university rules
• No limitations on purpose from fund source

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Funds and Fund Types

• Types of unrestricted funds-budgeted operations
• General fund - 001100
• ASA fund - 001150
• ICC credits fund - 001700
• Income/expense funds

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Funds and Fund Types

• Types of unrestricted funds-other
• Designated operations
• Unrestricted gifts
• Royalties
• Service departments
• Auxiliary enterprises

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Funds and Fund Types

• FUND TYPES - RESTRICTED
• Basic distinction in use of resources
• May be available for use in operations
• Subject to state/university rules
• Limitations on purpose from fund source

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Funds and Fund Types

• Types of restricted funds
• Gift, grant, and contract funds
• Loan funds
• Endowment funds
• Plant funds
• Agency funds

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Chart of Accounts
Chart of Accounts
FundType
AccountType
ActivityCode
FundCode
LocationCode
ProgramCode
AccountCode
OrgnCode
Account Index
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Chart of Accounts

• FOAPAL elements
• Fund
• Organization
• Account
• Program
• Activity
• Location

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Chart of Accounts

• FOAPAL elements
• Fund
• Identifies resources
• Grouped by source/limitations on use
• Shared or separate
• Hierarchical shared responsibility with OUS
• Six numeric characters (except grants)

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Chart of Accounts

• FOAPAL elements
• Organization (org)
• Identify budget or responsibility unit
• Hierarchy - lines of authority
• Unique to UO
• Flexibility for departments at lower levels
• Six numeric characters

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Chart of Accounts

• FOAPAL elements
• Account
• Natural method of classifying transactions
• Identify type of income, expense, asset,
  liability
• Used with all funds, orgs, programs
• Same for all institutions
• Five alphanumeric characters

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Transaction Account Codes

• Code Purpose
• ---------- --------------------------------
• 0XXXX Income
• 1XXXX Payroll
• 2XXXX General Expense
• 3XXXX Travel Expense
• 4XXXX Capital Expense
• 5XXXX Student Aid
• 6XXXX Merchandise for Resale
• 70XXX Indirect Costs
• 79XXX Internal Sales Reimbursements
• 8XXXX Student Loan Related Expense
• 9XXXX Transfers

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G/L Account Codes

• Code Purpose
• ---------- --------------------------------
• Axxxx Asset - cash, receivable,
  inventory
• Bxxxx Liability - accounts payable,
  deferred income
• Cxxxx Control - summary of income and
  expense
• Dxxxx Fund balance

)
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Chart of Accounts

• FOAPAL elements
• Program
• Functional classification
• Consistency in handling transactions
• Calculation of federal indirect rate
• Institutional research and reporting
• Three to six alphanumeric characters

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Chart of Accounts

• FOAPAL elements
• Activity
• Further define income/expenses of departments
• Can relate to specific professor/project
• Used for cost accounting
• Optional
• Four to six alphanumeric characters

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Chart of Accounts

• FOAPAL elements
• Location
• Specific physical location
• Unique for every room on campus
• Used with fixed assets (over 5,000)
• Five to six alphanumeric characters

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Chart of Accounts

• FOAPAL elements
• Index
• Unique grouping of FOAPAL elements
• Short cut for data entry
• Not used for tracking information in FIS
• 1st digit coding scheme
• Four to six alphanumeric characters
• Can be same as fund number (grants, gifts)

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OPAL Ledger

• Official record of university transactions
• Shows activity for fiscal year
• Budgets set by departments with ORM
• Revenue and expense close at year end
• Transactions require FOAP
• Does not show fund balance

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OPAL Ledger

• Banner screens
• FGIBDST
• YTD information by account code
• Budget and actual
• Can be run by FOAPAL element
• Assumes revenue minus expense
• Can be run for expense only

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OPAL Ledger

• Banner screens
• FWIBUDG
• YTD information by account code
• Budget and actual
• Can be run by FOAPAL element
• Assumes revenue minus expense
• More options in organizing information

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OPAL Ledger

• Balances
• Debit balance - expense
• Credit balance - revenue
• Asterisk if opposite of expected
• May want to investigate

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General Ledger

• Official record of financial position
• Status as of specific point in time
• Assets, liabilities, fund balance
• Revenue and expense summarized
• Can access transaction detail
• Balance not meaningful for shared funds

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General Ledger

• Banner screens
• FGITBAL
• Beginning and ending balances
• Cumulative from inception of fund
• Run by fund
• Quick results
• Does not show current fund balance

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General Ledger

• Banner screens
• FGITBSR
• Beginning and ending balances
• Cumulative from inception of fund
• Run by fund
• Results take longer
• Shows current fund balance
• More options in getting information

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General Ledger

• Balances
• Debit balance - assets
• Credit balance - liabilities, fund balance
• Asterisk if opposite of expected
• May want to investigate
• Not allowed to have deficit fund balance

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Reporting

• Available reports
• Create report or spreadsheet from screen
• FWIORPT
• Web pushbutton reports
• CASweb reports
• Data warehouse

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Reporting

• Banner screens-create report/spreadsheet
• Available from numerous query screens
• Creates report from screen detail
• Options to display, print, or save to file
• Available from transaction detail

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Reporting

• FWIORPT
• Run for specific month
• Can be run by financial manager
• Balance sheet
• Budget status
• Change in fund balance
• Transaction detail

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Reporting

• BAO pushbutton web reports
• List of indices
• Org code summary of account type 1 2
• Org code summary of funds by acct type 2
• Org code summary of indices by acct type 2
• Summary of acct type 2 by index
• Org code summary - drill down

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Reporting

• CASweb reports
• Available from CAS budget manager site
• Budget reports
• Carryforward reports
• General fund index reports
• UO organization hierarchy report

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Reporting

• Data warehouse reports
• Summarized FIS data
• As of latest closed fiscal period
• No transaction detail
• Useful for large amounts of data
• More flexibility in designing reports
• Limited BAO support

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More Help

• For help with FIS call the Helpline at 6-3466.
• FIS Guide important pages
• Accounting Information - Queries.
• FIS Reporting - Reports.
• Codes page - Codes.
• All Screens Documentation - Forms.